Real Estate News

Centris® Residential Sales Statistics – December 2016

L'Île-des-Sœurs, January 6, 2017 - The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers' Centris® provincial database. In total, 2,476 residential sales were concluded in December 2016, a 3 per cent increase compared to December of last year. This was the 21st increase in sales in the past 22 months and the best sales result for a month of December since 2011.
"Like November's results, December's results also registered a sharp increase (32 per cent) in property sales of $500,000 or more," said Daniel Dagenais, President of the GMREB Board of Directors. "On the other hand, there was a 10 per cent decrease in sales in the price range of $200,000 to $300,000, which is perhaps a first sign of the effects of the most recent mortgage tightening measures," added Mr. Dagenais.

Sales by geographic area

December's results vary greatly from one geographic area to another, with sales ranging from +28 per cent in Vaudreuil-Soulanges to -16 per cent in Laval.

The North Shore and the Island of Montréal also registered sales increases of 11 per cent and 7 per cent, respectively.

However, sales fell by 5 per cent on the South Shore in December. This was only the third decrease in sales on the South Shore in the past 25 months.

Sales by property category

While sales were relatively stable for single-family homes (+1 per cent) and condominiums (0 per cent), sales of plexes (2 to 5 dwellings) jumped by 21 per cent in December.

Prices

The median price of single-family homes and condominiums rose by 2 per cent compared to December of last year to reach $300,000 and $245,000, respectively, across the Montréal CMA.

The increase in the median price of plexes was more sustained, at 4 per cent, as half of all plexes sold for more than $470,000.

Number of properties for sale
For a fifteenth consecutive month, the supply of properties for sale shrank in the Montréal CMA. The 25,672 active listings on the real estate brokers' Centris® system represents a 13 per cent decrease compared to December of last year. “The decline in inventory means that we are returning to a balanced market, which is a positive sign,” said Mr. Dagenais.

An Active Month of November on Montréal's Residential Real Estate

L'Île-des-Sœurs, December 6, 2016 - The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers' Centris® provincial database. In total, 3,008 residential sales were concluded in November 2016, a 9 per cent increase compared to November of last year. This was the 20th increase in sales in the past 21 months and the best sales result for a month of November since 2011. Sales by geographic area

Four out of five main areas of the Montréal CMA registered strong sales increases in November: Laval (+19 per cent), the Island of Montréal (+14 per cent), Vaudreuil-Soulanges (+14 per cent) and the South Shore (+11 per cent).

In contrast, the North Shore posted a 6 per cent decrease in sales compared to November of 2015.

Sales by property category

Sales of condominiums and plexes rose by 13 per cent and 15 per cent, respectively, in November.

Sales of single-family homes also stood their ground, increasing by 6 per cent.

Prices

The median price of single-family homes across the Montréal CMA rose by 6 per cent in November 2016 compared to November of last year, to reach 308,250. This increase can be primarily attributed to the Island of Montréal, where the median price of single-family homes jumped by 15 per cent.

Half of all condominiums sold for more than 248,000$, which represents a 4 per cent increase in median price.

Finally, the median price of plexes (2 to 5 dwelling) grew by 1 per cent to reach 460,000$.

“The solid results in November, in terms of both sales increases and price increases, can be explained by a strong presence of experienced buyers on the real estate market. These buyers, who are generally more active in the market during the fall, are well-positioned to conclude transactions despite the mortgage tightening measures announced in October,” said Daniel Dagenais, President of the GMREB Board of Directors. “More specifically, there was a 35% increase in sales of single-family homes at 500,000$ or more in November throughout the Montréal area. We will be closely monitoring the impact of the new mortgage measures on the market in the coming months,” added Mr. Dagenais. Number of properties for sale
For a fourteenth consecutive month, the supply of properties for sale shrank in the Montréal CMA, with 28,720 residential listings on the real estate brokers' Centris® system.

Best Month of October in Seven Years on Montréal's Residential Real Estate Market

L'Île-des-Sœurs, November 4, 2016 - The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers' Centris® provincial database. In total, 3,083 residential sales were concluded in October 2016, an 8 per cent increase compared to October of last year. This was the 19th increase in sales in the past 20 months and the best sales result for a month of October since 2009. Sales by geographic area

All five main areas of the Montréal CMA contributed to the sales increase in October.

Vaudreuil-Soulanges registered the largest increase in sales, as the number of transactions jumped by 45 per cent.

The South Shore (+10 per cent), the Island of Montréal (+6 per cent), the North Shore (+6 per cent) and Laval (+6 per cent) also registered an increase in sales compared to October of last year.

Sales by property category

Sales of condominiums and plexes rose by 13 per cent and 12 per cent, respectively, while sales of single-family homes registered a more modest increase of 5 per cent.

Prices

The median price of single-family homes across the Montréal CMA posted a slight increase of 1 per cent compared to October 2015, to reach 302,500$.

Half of all condominiums sold for more than 245,000$, which represents a 2 per cent increase in median price.

Finally, after registering a 7 per cent increase last month, the median price of plexes with 2 to 5 dwellings increased by only 1 per cent to reach 460,000$.

“October's results are in line with the trend that has been observed since the start of the year,” said Daniel Dagenais, President of the GMREB Board of Directors. “It's too early to see an impact resulting from the new mortgage rules that came into force in the middle of the month. On the one hand, it's important to know that the promise to purchase is normally accepted a few days prior to the sale being registered. On the other hand, the time between the announcement of the new rules (October 3) and their implementation (October 17) did not give buyers enough time to advance their purchase in order to avoid being subject to the new rules,” added Mr. Dagenais.Number of properties for sale
With 28,736 listings on the real estate brokers' Centris® system, the supply of properties for sale shrank for a thirteenth consecutive month. This result represents a 13 per cent drop year over year and the largest decrease since the downward trend began last fall.

L'Île-des-Sœurs, October 6, 2016 -
The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers' Centris® provincial database. In total, 2,757 residential sales were concluded in September 2016, a 4 per cent increase compared to September of last year. This was the 18th increase in sales in the past 19 months.Sales by geographic area

The Island of Montréal registered the largest increase in sales in September, with an 8 per cent jump in the number of transactions.

The North Shore and South Shore also registered sales increases of 4 per cent and 3 per cent, respectively.

In contrast, sales decreased in Laval (-7 per cent) for a fourth consecutive month, and in Vaudreuil-Soulanges (-5 per cent).

Sales by property category

Single-family homes and condominiums contributed to the increase in sales in September with respective increases of 4 per cent and 9 per cent, while plex sales fell by 9 per cent compared to one year earlier.

Prices

The median price of single-family homes across the Montréal CMA rose by 4 per cent compared to September of last year, reaching $304,000.

Half of all condominiums sold for more than $250,000, which represents a slight increase of 1 per cent in median price.

Finally, after sitting at a standstill for the past two months, the median price of plexes with 2 to 5 dwellings rose by 7 per cent to reach $451,500.

“Sales have intensified on the Montréal area resale market in recent months and, at the same time, there has been a downward trend in the number of active listings,” said Daniel Dagenais, President of the GMREB Board of Directors. “In fact, for a twelfth consecutive month, the supply of properties for sale has shrunk, as the 28,552 listings on the real estate brokers' Centris® system in September represents a 12 per cent drop compared to September of last year. Despite these facts, price increases have remained moderate. Cumulatively for 2016, median prices have increased by 2 per cent, 1 per cent and 4 per cent, respectively, for single-family homes, condominiums and plexes,” added Mr. Dagenais.

Montréal Area Real Estate Market Holds Strong in August

L'Île-des-Sœurs, September 6, 2016 -
The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers' Centris® provincial database. In total, 2,699 residential sales were concluded in August 2016, a 13 per cent increase compared to August of last year. This was the 17th increase in sales in the past 18 months.

Sales by geographic area

In August, strong sales increases were registered in the areas of Vaudreuil-Soulanges (+24 per cent) and the South Shore (+18 per cent).

The Island of Montréal and the North Shore also performed well, registering respective sales increases of 13 and 12 per cent.

Laval registered a small decrease in sales (-2 per cent) for a third consecutive month.

Sales by property category

All three property categories contributed to the increase in sales in August: condominium sales jumped by 15 per cent, single-family home sales grew by 12 per cent and plex sales increased by 10 per cent.

Prices

The median price of single-family homes across the Montréal CMA rose by 6 per cent compared to August of last year, reaching $307,250. This was the largest increase in almost five years.

Half of all condominiums sold for more than $250,000, corresponding to a 4 per cent increase in median price.

Finally, for a second consecutive month, the median price of plexes (2 to 5 dwellings) remained unchanged at $459,000.

Number of properties for sale
For an eleventh consecutive month, the supply of properties for sale continued to fall. The 28,142 listings in the Montréal CMA on the real estate brokers' Centris®system represent a 13 per cent decrease compared to August of last year.
“Market conditions are gradually tightening in the Montréal area,” said Daniel Dagenais, President of the GMREB Board of Directors. “Only condominiums are still showing a surplus of inventory, which gives buyers a slight upper hand in negotiations,” added Mr. Dagenais.